principles of economics production economic performance 1 economic performance 2 international trade...
TRANSCRIPT
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Principles ofEconomics
ProductionEconomic
Performance1
Economic Performance
2
InternationalTrade
$100
$200
$300
$400
$500
$100 $100 $100 $100 $100
$200 $200 $200 $200 $200
$300
$400
$500
$300 $300 $300 $300
$400 $400 $400 $400
$500 $500 $500 $500
Supply andDemand
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_______ is the cost of what you give up to obtain an
item.
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Opportunity Cost
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________ is the cost you can never recover no matter
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Sunk cost
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________ is the small or
incremental amount you would pay extra to have
more
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Marginal Cost
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Humankind has unlimited wants but our
resources are limited thus creating the problem of
________
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Scarcity
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___= revenue – cost of production
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Profit
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A ____ is anything an individual wants
more of at zero price.
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Good
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Copper and iron are ______ natural
resources.
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Exhaustible
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_____ is the study of how a society
manages its scarce resources.
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Economics
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When you _______ in something, it means you focus on one task enabling you to be more efficient and productive.
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Specialize
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All factors of production are called ________
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Capital resources or capital goods
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Demand for a good exists only when consumers are both _____
and ____ to buy it
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Willing and able
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If elasticity is greater than 1.0,
demand is ______.
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Elastic
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As substitutes become cheaper, demand for the
normal good will _____
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Decrease
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_____ goods are goods that go together and usually sold
together.
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Complementary goods
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A ______ exists when quantity
demanded is lower than quantity
supplied.
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Surplus
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When firms get together to fix
prices and quantity it is called
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Cartel
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A profit-seeking individual who
accepts all risk of success or failure
in business
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Entrepreneur
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When 1 person or 1 group holds all market power in
an industry
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Monopoly
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Who pays more taxes- a sole
proprietor or a corporation?
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Corporation
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Legal obligation of a firm to pay off all
debts
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Liability
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Which type of spending makes up 60% or more of our nation’s
spending?
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Consumption
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Which type of GDP takes inflation into
account- real or nominal?
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Real
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I’m thinking of a # 1-10. What is it?
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8
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What are the 2 phases of a
business cycle?
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Expansion and recession
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Which type of unemployment is
caused by recession?
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Cyclical
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A point of reference to
measure inflation
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Consumer price index
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_______ are taxes countries place on imported goods.
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Tariffs
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_______ is a free trade agreement
among US, Mexico, and Canada
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NAFTA
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The ______ theory states that developing countries will
eventually catch up with the industrialized countries.
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Convergence Theory
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Crude oil makes up ___% of our
nation’s imports.
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17%
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Make your wager
Ms. So’s husband
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In which city did the Rock play
college football?
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Miami